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Porsche board members facing another ˆ1.8B lawsuit over VW takeover bid

Back in 2008, Porsche got the bright idea that it could take over Volkswagen in the midst of the worst economic slump since the Great Depression. Ignoring that this was a catastrophic move for the Stuttgart sports car manufacturer that that eventually resulted in it nearly going bankrupt and eventually being taken over by the same company it sought to control, the aftermath has left Porsche Chairman Wolfgang Porsche and board member Ferdinand Piëch in the crosshairs of seven hedge funds that lost out during the takeover and are now seeking €1.8 billion - $2.43 billion US - in damages from the two execs, according to the BBC.
See, investors bet on Volkswagen's share price going down, partially because Porsche said it wasn't going to attempt a takeover. But Porsche was attempting to take over VW, having bought up nearly 75-percent of VW's publicly traded shares. When word broke that Porsche owned nearly three-quarters of VW (which indicated an imminent takeover attempt), rather than go down like the hedge funds bet it would, VW's share price skyrocketed to over 1,000 euros per share, according to Reuters.
Naturally, when you bet that a company's share price is going to drop and it in turn (temporarily) becomes the world's most valuable company, you lose a lot of money, unless you're able to buy up shares before prices jump too much. This led to a squeeze on the stock, which the hedge funds accuse Porsche and Piëch (who are both members of the Porsche family and supervisory board) of organizing.

Magnus Walker pops up again, this time with his Irish Green 911

He was the subject of a short film called Urban Outlaw. He has been on Jay Leno's Garage. Twice. He even graced the cover of Road & Track in June. And after all of that, he appeared in a video by Hong Kong-based Silly Thing. So it isn't really surprising that Magnus Walker is at the center of attention in the latest video from XCAR, but it's surprising - and a treat - to see his mostly original Irish Green 1966 Porsche 911.
Powered by an air-cooled 2.0-liter flat six with 130 horsepower (more like 120 hp today, Walker says), riding on 5.5-inch wide wheels and turned with a wooden steering wheel, the little green 911 does represent some of the best aspects of classic car motoring.
Head on below to watch the long-form video on Walker and his Porsche, but if your time is limited, you're not missing much if you call it quits at five minutes - especially if you've seen his aforementioned videos before.

Magnus Walker soliloquizes in his Porsche 911 at night

Magnus Walker, a prolific Los Angeles clothing designer who has also carved out a respected spot for himself in Porsche world, has had yet another video made about him and his sizable Porsche collection. In this latest video, Hong Kong-based Obscura magazine focuses its video cameras on Walker and his 1971 Porsche 911 track car (yes, the one that appeared on Jay Leno's Garage) as he speeds around Downtown LA and Little Tokyo late at night.
We've heard Walker's story many times before. He's not like the average Porsche owner, perhaps a tad more passionate than most, and he builds 911s like he designs clothes: his way. Sure, we might be a little envious, but can you blame us? View this very slick and entertaining nighttime video entitled Disturbing The Peace below.